The Eleventh Circuit holds a taxpayer is entitled to a deduction under Sec. 1341 for a payment made to reimburse her ex-spouse for a portion of a settlement in an excess-compensation lawsuit.
Personal Financial Planning
The inclusion of swap powers is a common method of qualifying a trust as a grantor trust for income tax purposes while still removing assets from the grantor’s taxable estate.
Post-TCJA, expenses that are miscellaneous itemized deductions are taken into account in computing trust accounting income but are now nondeductible in computing taxable income and distributable net income for the trust.
This article is a semiannual review of recent developments in individual federal taxation, covering cases, rulings, and guidance on a variety of topics.
The IRS issued final regulations on health reimbursement arrangements, which may be offered to individuals as individual coverage HRAs and integrated into health insurance plans.
A well-drafted estate plan should address the management and distribution of digital assets to mitigate additional administrative burdens on fiduciaries.
The implications of the TJCA's large increase in the estate and gift tax exemption are complex and affect estate planning for everyone, not just the small percentage of the population who will still file estate tax returns.
Use of a Sec. 2503(c) or minor’s trust allows for transfers of property (and income shifting) to children, while parents maintain control of the property at least until the child reaches age 21.
This article focuses on two resources often used in financing medical care: home equity loans and distributions from retirement plans and IRAs.
The sale of life insurance policies, commonly referred to as life settlement transactions, is becoming an increasingly popular and heavily marketed way for policy owners to realize the value in their life insurance policies. This article discusses the financial and tax ramifications of life settlement transactions and how CPAs can help clients obtain the best results from them.
CPA financial planners can use these approaches to help clients avoid delays and expensive mistakes in providing top-quality care for loved ones dealing with issues from aging or dementia.
An estate plan is incomplete without a detailed list of instructions that explains how to carry it out.
The AICPA is integrating personal financial planning into university-level curriculum in a manner that would help prepare prospective CPA candidates to qualify for the Personal Financial Specialist credential shortly after obtaining their CPA license.
This article discusses changes that might affect clients that are divorced, are in the process of divorcing, or that have prenuptial or post-nuptial agreements.
This article discusses options available to clients to help pay for their children's or grandchildren’s education.
CPA financial planners need to consider their clients’ unique circumstances and help them avoid mistakes that could lead to the wrong decision.
A Form 1040 review with clients can facilitate a discussion on strategies to address major tax law changes.
This column discusses advising clients on the implications for choice-of-entity decisions, charitable giving strategies, and estate, retirement, and higher education planning.
This article discusses the potential benefit of choosing to include scholarships or grants in income.
This article examines the requirements and limitations taxpayers face when seeking benefits of significant education-related income tax provisions.